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Maximize Your Holiday Earnings With These 3 Stocks

In addition to stuffing a stocking this holiday season, why not give your portfolio a boost with the addition of some high-flying stocks. As the market continues to be in a jolly mood this November, and with a Santa Claus rally starting to form as we approach year’s end, now is a great time to review your portfolio and decide what stocks to buy as we head into 2024. The good news is that many stocks are skyrocketing as third-quarter earnings season draws to a close, outpacing the 9% gain seen in the benchmark S&P 500 index since Halloween. With markets feeling festive, why not maximize your holiday earnings with these three stocks to buy.

Deckers Outdoor (DECK)

Deckers Outdoor (DECK) logo displayed on smartphone screen
Deckers Outdoor (DECK) logo displayed on smartphone screen

Source: shutterstock.com/Piotr Swat

Sure to be a hot item this holiday season are Hoka running shoes, which continue to be a bestseller for Deckers Outdoor (NYSE:DECK). The shoemaker is flying high thanks to strong consumer demand for both its Hoka runners and Ugg boots. DECK stock jumped 10% higher immediately after the company’s last earnings print in late October and shares are now up 28% in the past month. Year-to-date, Deckers Outdoor’s share price is up 63%.

For the Q3 2023, Deckers Outdoor reported profits and sales that were both records for the company. EPS came in at $6.82, which blew away Wall Street forecasts of $4.40. Revenue rose 25% year-over-year to $1.09 billion, which beat estimates of $960 million. Heading into the holidays, Deckers direct-to-consumer sales are up 40% to $331.7 million.

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DraftKings (DKNG)

DraftKings (DKNG) logo, magnified, on its app.
DraftKings (DKNG) logo, magnified, on its app.

Source: Lori Butcher/Shutterstock.com

Enjoy some football over the holidays with DraftKings (NASDAQ:DKNG). The sports betting company’s stock is up 245% on the year, rivaling the gain seen in red hot chipmaker Nvidia (NASDAQ:NVDA). The year-to-date increase in DKNG stock includes a 35% increase over the past month. Propelling the stock higher has been news that DraftKings has moved ahead of its competition to become the leader in online gambling with a 31% share of the U.S. market.

DraftKings success comes as it expands into new markets and as Americans bet more on football games. The company has 2.3 million monthly unique payers, a 40% year-over-year increase. Average revenue per user has grown 14% in the last year to $114. DraftKings recently expanded into Kentucky and is planning to enter Maine and North Carolina in the coming months. Currently, the company offers mobile sports betting in 22 U.S. states and neighboring Canada.

American Express (AXP)

an American Express (AXP) credit card sticking out of someone's pocket
an American Express (AXP) credit card sticking out of someone's pocket

Source: Shutterstock

Holiday spending and travel represents a boom to American Express (NYSE:AXP). The credit card company always does well over the year-end holiday quarter. This is thanks to consumers charge airline flights, car rentals, gifts and food to their AmEx cards. The annual bump should help lift American Express’ financial results for this year’s fourth quarter and give its stock a lift too. Like the other names on this list, AXP stock is rallying right now, having risen 12% in the past month. For the year, AXP stock is up 10%.

The catalyst driving AXP stock higher has been a strong Q3 print from the company. Additionally, there are expectations that the U.S. economy will come in for a soft landing and avoid a recession. For Q3, American Express reported a profit of $2.45 billion, or $3.30 per share. That was well ahead of the $2.96 a share that analysts expected. The credit card issuer said it continues to benefit from spending by its wealthy customers who are best equipped to handle an economic slump or even a recession.

On the date of publication, Joel Baglole held long positions in DECK and NVDA. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Joel Baglole has been a business journalist for 20 years. He spent five years as a staff reporter at The Wall Street Journal, and has also written for The Washington Post and Toronto Star newspapers, as well as financial websites such as The Motley Fool and Investopedia.

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